Over 3,000 ATMs in Beijing can now convert digital yuan into cash

China continues apace with the adoption of its central financial institution digital foreign money (CBDC) as main banks launch a major batch of digital yuan-powered ATMs.

The digital yuan — a CBDC managed by The People’s Bank of China — is now accessible for deposit and withdrawals at over 3,000 ATMs throughout Beijing, state-run Xinhua news company reported Friday.

According to the report, the Beijing department of the Industrial and Commercial Bank of China has change into the primary financial institution to totally allow the digital yuan alternate in the Chinese capital metropolis by organising greater than 3,000 digital currency-compatible ATMs.

The Agricultural Bank of China (ABC), one other main financial institution involved in China’s CBDC tests, has additionally deployed greater than 10 ATMs in the Wangfujing space, a significant procuring road in Beijing. As beforehand reported, the state-owned financial institution debuted digital yuan ATMs this January, enabling clients at choose branches throughout the Shenzhen area to deposit and withdraw the digital foreign money.

Related: China debuts blockchain-based digital yuan salary payments in Xiong’an

The ABC has been actively involved in developing a wallet for the digital foreign money.

The Chinese authorities has been actively selling the digital yuan in the capital by way of a digital foreign money lottery as a part of ongoing digital yuan pilots.
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The state intends to distribute 40 million digital yuan ($6.2 million) to Beijing residents in a “red envelope” marketing campaign, permitting individuals to spend digital foreign money prizes by June 20.